NMDC 2007 Q1 profit AED33m +171%

[sharewadi]

National Marine Dredging (NMDC) 2007 Q1 profit is up 171% to AED33m compared to a loss in 2006 Q1

2007 Q1 net profit = AED 32.512m, EPS = 0.19 dhs (stated), annualised = 0.76
2007 Q1 EPS (calculated) = AED 32.512m / 169m shares = 0.1924
2006 Q1 net profit = AED -45.887m, EPS = -0.27 (stated)
No share dividend for 2006 (was 20% cash dividend) so no adjustment in annualised EPS.

Revenue up over 250% from 65m dhs to 162m dhs while operating costs doubled so Gross Profit up from an 8m dh loss to 46m dhs profit. They still had a loss in investment income of AED 9m.

2007 estimated forward PE = 3.90 / 0.76 = 5.1. Much less than market average of 12-14. Why? Share price today slightly down so these results don't seem to have impressed the market.

NMDC statement figures appear to be too low by a factor of a thousand. Above figures have been adjusted.

ADSM 10 May 2007:

(NMDC) National Marine Dredging announces summary 1st quarter, 2007 financial results

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[sharewadi]

ADSM 15 May 2007:

(NMDC) National Marine Dredging announces 1st quarter, 2007 financial results

NMDC 2007 Q1 profit Dh33m +171% 10 May 2007

National Marine Dredging 2007 Q1 report

National Marine Dredging Company (NMDC) profit figures for first quarter 2007 are (EPS annualised in brackets):

2007 Q1 profit = AED 32.5m +170.9% from 2006 Q1, EPS = 0.19 dhs (0.76 )
2006 Q1 loss = AED -45.9m, EPS = -0.27 dhs

EPS figures calculated from Net Profit / 169,000,000 shares outstanding.

NMDC share price as of 10 May 2007 was 4.00 dhs, so 2007 estimated PE is about 4.00 / 0.76 = 5.3, based on Q1 earnings.

Other result and related topics

2007Q1 UAE result list

NMDC 2006FY profit AED 44.4m 25 Feb 2007
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